How can a community transform a dilapidated property with an $8000 assessed value to a new home that will return many times more value to the city?
How can a community potentially bring a new family to town to live and work here?
How can local investors create greater wealth for our community school, town services and customers for local businesses?
Randolph, Nebraska, decided to answer those questions by revitalizing one home, one family, one school student, one customer at a time. It’s the first spec home in Randolph in recent memory and was funded by individual local investors.
Gary A. Van Meter, Community Development Director in Randolph, said, “We had 150 visitors during the open house, including a city administrator from a nearby community.”
They’ve done their homework to make it an attractive house to buyers. “Using structurally Insulated Panel (SIP) construction, the super energy efficient all electric home is designed to use just $50/month or less for heating and cooling. In addition, there is a concrete-cast FEMA approved safe room built into the main floor of the home. Also featured are vaulted ceilings in each room, custom-made cabinets, a 650 sq. ft. attached garage, insulated and finished, with built in storage and workshop areas.”
After working with individual investors on this project, Gary said he is looking more deeply into local investing, aka Locavesting.
“I am presently researching how one can craft a self-directed IRA so that retirement accounts can be invested into the local economy instead of banks and brokers in another region or state. This could possibly help to revitalize local communities with local investments. Warren Buffett said it best, ‘Invest in yourself.'”
Thank you to Gary for sharing this story with us.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.